There are more cybercriminals out there than ever before, and they want your money! Sure, they also target major retailers, financial institutions, and big businesses, but the internet gives them reach into virtually every household. That’s why the number of online banking scams continues to rise—because consumers can be easily tricked into opening their bank accounts to online criminals.
Banking has never been easier thanks to new technologies that let you use your smartphone for banking or shopping, your computer to make remote transactions, and smart credit and debit cards to simplify payments. Unfortunately, that same technology also has created new opportunities for criminals to commit bank fraud. New payment systems and technologies have opened new avenues for cybercriminals to steal your identity and access your bank and credit card accounts.
Identity theft and cybercrime have become a fact of life in the 21st century at a cost of $600 billion per year. With the right information, a hacker can clean out your bank account in seconds. And they are virtually untraceable. If the loss goes undetected for more than 60 days then the bank isn’t liable to cover cybercrime losses. What’s worse is, if you lose control of your identity, you can have unauthorized transactions, charges, and online activities that haunt you for years, affecting your credit rating and every other aspect of your life.